Key Developments For Orbotech Ltd
Orbotech Ltd (ORBK.O) (Nasdaq)
Orbotech Ltd. Issues Q4 2009 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Orbotech Ltd. announced that for fourth quarter of 2009, it expects revenue to be around $95 million to $100 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $99 million for fourth quarter of 2009.
Orbotech Ltd. Issues Q3 2009 Revenue Guidance In Line With Analysts' Estimates; Comments On H2 2009 Guidance-Conference Call
Orbotech Ltd. announced that it expects revenues in the third quarter to be in the mid 80s, and expects the second half of 2009 to be similar to the first. According to Reuters Estimates, analysts were expecting the Company to report revenue of $83.75 million for the third quarter 2009; revenue of $88.80 million and EPS of $(0.11) for the fourth quarter 2009.
Court Dismisses GE's GE Healthcare Complaint In Dispute With Orbotech Ltd.
Orbotech Ltd. announced that on July 2, 2009, the United States District Court for the Eastern District of Wisconsin ruled that it would grant the motion by Orbotech Ltd. to dismiss the complaint (as amended) filed against Orbotech Ltd. by GE Healthcare, which describes itself as a unit of GE. In granting the motion on the ground of forum non conveniens, the Court ruled that the weight of both public and private factors support resolution of the action in the Israeli courts. Dismissal of the complaint is subject toOrbotech Ltd.'s acceptance of certain conditions set by the Court designed to ensure the adequacy of the Israeli forum. Orbotech Ltd. intends to accept the conditions imposed by the Court and has until July 16, 2009 to do so.
GE's GE Healthcare Amends Complaint In Dispute With Orbotech Ltd.
Orbotech Ltd. announced that on June 18, 2009, GE Healthcare, which describes itself as a unit of GE, amended its complaint against Orbotech Ltd., originally filed on November 4, 2008, in the United States District Court for the Eastern District of Wisconsin. The amended complaint expands the U.S. litigation to include certain of the breach of contract claims at issue in the dispute requested to be referred to arbitration in Israel and requests compensatory, consequential, exemplary and punitive damages in an unspecified amount. The dispute relates, among other things, to a claim for damages related to an assertion that Orbotech Medical Solutions Ltd. (OMS) was obligated to supply GE Medical Systems Israel Ltd. (GEMSI) with CZT modules at a specific price per module pursuant to the terms of an agreement between Orbotech Ltd. and GEMSI from December 2004 (such agreement was assigned to OMS and expired in December 2007) and a claim that OMS had an obligation to supply GEMSI with 850 CZT modules by specific dates. Orbotech Ltd. continues to believe it has good arguments to dismiss the amended complaint as well as good arguments on the merits should the court determine it will hear the case and intends to defend the matter vigorously.
Orbotech Ltd. Comments On Q2 2009 Revenue Outlook-Conference Call
Orbotech Ltd. announced that it expects second quarter 2009 revenues to be similar to the first quarter of 2009. The Company reported revenue of $91.9 million in the first quarter of 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $89 million for the second quarter of 2009.
